Finance Minister Applauds Entrepreneurial Works and Role Models at Garage and NTDP Program Visit

The Minister of Finance, Mr. Mohammed Al-Jadaan, visited the headquarters of “Al-Karaj” and the NTDP program, the National Program for Information Technology Development. He was welcomed by the Minister of Communications and Information Technology, Engineer Abdullah Al-Swaha, as part of enhancing direct dialogue with innovative entrepreneurs. The goal was to understand their needs to drive the transition to a smart economy, empower young national talents, and boost digital economy growth.

During the visit, the ministers were introduced to pioneering projects led by the nation’s youth in the fields of artificial intelligence, modern technologies, and sustainability. This showcased the integration of efforts between the government and private sectors to achieve sustainable development based on innovation. The visit included dialogues with a group of young national talents who shared their experiences, aspirations, and the opportunities available to them in a supportive environment for startup growth and expansion.

This visit occurred amidst the remarkable successes of the NTDP program. The program has generated more than 17,000 quality jobs in the technology sector, supported 2,200 entrepreneurs, and contributed over 11.2 billion riyals to the GDP by the end of 2024. This surpassed the 2026 target of 10 billion and increased the Kingdom’s share of venture capital investments in the region to 42%, securing the first position in the Middle East. The program supported over 880 technology companies in vital sectors such as AI, cybersecurity, cloud computing, financial technologies, gaming, and the Internet of Things. The number of accelerators and incubators increased to 42 entities compared to just 16 in 2017.

The program also led to a rise in startup deals to 177 annually, with an average deal size of 15.6 million riyals. It helped in elevating the number of tech unicorn companies to 7, with expectations of reaching 10 by 2026. This qualitative performance emphasizes the importance of “Al-Karaj” and the NTDP program as dynamic national platforms that foster innovation, enhance the Kingdom’s global competitiveness, and support the youth’s aspirations towards a flourishing and sustainable digital economy.